1. Chapter 23 Income Statements1
working capital
shows how the gross profit of a business is calculated 2
a professionally qualified person who has responsibility for keeping accurate accounts and for producing the final accounts 3 4
retained profit 5
profit made by a business after all costs have been deducted from sales revenue
income statement 6 1 10 3 12 7 5
the financial records of a firm’s transactions 7
sales revenue 8 9
final accounts 10
the fall in the value of a fixed asset over time 11
accounts 12
accounts produced at the end of the year giving details of the profit or loss made over the year 2 8 4 11 2 4
profit made when sales revenue is greater than the cost of goods sold 13
is the finance needed by a business to pay its day-to-day costs 14
accountant 15 16
trading account 17
is the income to a business during a period of time from the sale of goods or services 18
net profit
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the cost of the inventory sold by the business during a time period 20
depreciation
is a document that records the income of a business and all costs incurred to earn that income 21 22
gross profit
cost of goods sold 23 24
is the net profit that is reinvested back into the company after deducting tax and dividends payments 9 11 5 6 9 12
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